The European Union Chamber of Commerce’s Financial Services WGs have been working with the EU Delegation in Beijing to organise regular Market Access Meetings with the regulators (CBIRC and CSRC). These meetings are hosted once or twice a year and are chaired by the EU Delegation Ambassador in China and a vice governor from CBIRC or CSRC on the Chinese side. The next “seminar” should be held in the coming months. Cyber security, data transfer, data protection seem to be common issues that the whole industry has to face and would like to discuss with CBIRC.
COOs, CIOs, Heads of IT, Heads of Legal, Heads of Compliance departments from the Banking, Insurance and NBFI WGs attended the virtual meeting organised on November 17th. A list of issues and concerns has been compiled and will be submitted to the European Banking Federation. The European Banking Federation will then check if Chinese Financial Institutions in Europe are facing the same issues or not. Finally, a memo listing the issues identified and proposed solutions will be shared with the EU Delegation ahead of the meeting with CBIRC.